David O’Reilly

Are you expecting an influx of market activity in the first half of 2026 if rates continue to go down?

We expect the strong demand we’ve seen throughout 2025 to continue well into 2026. Across our national portfolio, momentum remains exceptionally strong. From record-setting condominium sales at the Woodlands in Texas and Ward Village in Hawaii to land sales at Bridgeland and Summerlin reaching the highest price per acre in our company’s history, we are firing on all cylinders. 

While lower rates would certainly add fuel to that demand, the real driver of our success is the enduring quality of our communities. The thoughtful planning, infrastructure and sense of place that define every Howard Hughes community create long-term value that outperforms national trends in any rate environment.

What’s changed at Howard Hughes since the early 2025 investment of Bill Ackman’s Pershing Square Capital Management?

Bill’s return as executive chairman, alongside Pershing Square’s continued partnership, has allowed us to broaden our vision. We’re expanding Howard Hughes Holdings beyond real estate into other sectors that align with our philosophy of durable, cash-generating businesses. We’re currently pursuing the acquisition of an insurance company, our first new subsidiary outside of real estate, which will establish a second major pillar under the Howard Hughes Holdings umbrella. 

Importantly, the operations and strategy of Howard Hughes Communities, our principal real estate subsidiary, remain unchanged. Our real estate platform continues to thrive by selling land to homebuilders, reinvesting in our communities, and creating exceptional places to live and work that stand the test of time.

Is there any connection left between Howard Hughes and Seaport Entertainment Group?

No. Seaport Entertainment Group is a separate, publicly traded company and fully independent of Howard Hughes.

When you’re planning communities, how do you evaluate potential locations? 

We look for markets with strong population and job growth, business-friendly environments, and enough scale to truly master-plan — not just build projects, but create communities.

Our locations are characterized by accessibility, favorable climate and long-term economic vitality. We focus on places where we can integrate residential, commercial, cultural, and recreational uses that create employment centers, not just neighborhoods. 

Every decision we make starts with one question: How do we enhance quality of life for generations to come? Whether it’s a school, an office or a sports venue, our goal is to design places where people genuinely want to live, work, and connect.

How are you finding the ability to finance master-planned communities these days, and what are some of the factors that determine how easy or difficult that will be?

We’re in a fortunate position. With roughly $1.2 billion of cash on our balance sheet and recurring net operating income from our stabilized assets, we can fund new projects without selling land or assets to raise equity. That flexibility, combined with conservative leverage and a long-term view, gives us the ability to keep investing through all market cycles. It’s one of the advantages of the master-planned model: consistent cash flow, disciplined growth, and a capital structure built to weather any market.

Does Howard Hughes have any new master-planned communities in the works?

We have tens of thousands of undeveloped acres across our existing portfolio, which is enough opportunity to keep building for decades. Our focus right now is on fully realizing the potential of those communities: transforming undeveloped commercial acreage into income-producing assets that will generate recurring cash flow for generations.

While we’re always open to new opportunities, our near-term growth will come from expanding Howard Hughes Holdings into new business lines, not adding another master-planned community.

Lighting Round:

Mamdani, Cuomo, Adams — Friend, mute, unfollow?
Follow all three. It’s important to understand every perspective.

Your pick for Fed chair `26?
Jamie Dimon.

Borrowing costs up or down by late 2026?
Down.

More excited about – interest rate cuts or Taylor Swift’s engagement?
Anything that gets TayTay trending.

Last vacation and where?
Italy this summer with my family: gelato and gratitude.

Like in ‘Freaky Friday’ you swap bodies with Jerome Powell. What would you do?
Cut rates and go long on homebuilders.

How are the tariffs going to affect your Thanksgiving shopping?
They won’t. I buy local.

If Stephen Starr asked you which restaurant he should next reopen, what would it be?
Buddakan in Las Vegas. It’s time.